Thursday, June 25, 2020 / 05:30PM /FMDQ / Header Image Credit: B&I
Leading corporate and commercial law firm Banwo & Ighodlao (B&I), has been declared as "The Most Active Solicitor" in Q1 2020, for the listings and quotations of Fixed Income Securities (excluding Federal Government of Nigeria's securities such as FG Bonds and Treasury Bills) on the FMDQ Securities Exchange Limited (the "Exchange").
This declaration is contained in the FMDQ's Financial Markets Review Report, detailing the performances of Primary Markets Sponsors, and Registered Solicitors, in the period under review with respect to the total Corporate Bonds ("Bonds") and Commercial Papers ("CPs") listed and quoted on the Exchange. As indicated in the Report, a total number of four (4) issues of Bonds valued at N136.75 Billion and twenty-five (25) issues of CPs valued at N296.41 Billion, were recorded in Q1 2020.
The Report further shows that only twelve (12) of the Exchange's registered dealing members (Registration Member Listings & Registration Member Quotations) were the Sponsors responsible for the securities listed and quoted. In the FMDQ Fixed Income Primary Market Solicitors' League Table for Q1 2020 (a ranking of the top capital market solicitors of the ranked debt securities listed and or quoted on the Exchange), it was reported that six (6) registered solicitors actively participated in the bond and CP markets for the period, namely Aluko & Oyebode; Banwo & Ighodalo; G. Elias & Co.; P.O Akinrele & Co; Solola Akpana & Co.; and Udo Udoma & Belo Osagie.
Banwo & Ighodalo tops the Solicitors' League Table for advising on the largest securities issued in Q1 2020, specifically participating as a solicitor for both bond listings and CP quotations with a total market participation value of N112.47 Billion and N208.37 Billion respectively.
According to FMDQ, the most active solicitor for the review period was Banwo & Ighodalo participating as a solicitor for both bond listings and CP quotations for Q1 2020 with a total market participation value of N112.47bn and N208.37bn respectively.
Udo Udoma & Belo Osagie participated only in the CP market with securities valued at N40.99bn whilst Aluko & Oyebode participated in the CP market only, with a total value of N24.21bn. Banwo & Ighodalo ranked number one solicitor on both bonds and CPs issuances. Solola Akpana & Co. ranked second on the bonds table and P.O Akinrele & Co. was number three. For CPs, Udo Udoma & Belo Osagie came second and Aluko & Oyebode was third.
The current ranking is a testimony of Banwo & Ighodalo's sterling performances and several awards of excellence won over the years. The firm and its lawyers are constantly grouped in Tier 1 in its practice areas by the most popular rankings, including the Chambers Global, The Legal 500 EMEA, IFLR1000, Who's Who Legal Directories, Euromoney Guides, and the International Trademark Association Directory.
Reputed for its creativity as a law firm constantly positioned at the cutting edge of legal solutions, Banwo & Ighodalo was awarded the "Most Innovative in Legal Services" at the maiden edition of "BusinessDay's Top 25 Most Innovative Companies & Institutions in Nigeria Awards 2017".
With specific reference to capital market transactions, Banwo & Ighodalo won the FMDQ's "Debt Capital Markets Solicitor" for two years consecutively in 2017 and 2018; and received the prestigious "Capital Markets Team of the Year Award" at the Law Digest Africa Awards 2018. The firm's Capital Markets' partners and associates remain the most sought-after and are ranked in Band 1 across globally recognized rankings in 2020.
The data by FMDQ showed Lagos State Government of Nigeria issued series 2 and 3 of bonds worth N112.247 billion. GEL Utility Funding SPV Limited was the second biggest issuance of the quarter at N113 billion while Eat and Go Finance SPV PLC issued N24.5 billion.CPs issuers in the period included Dangote Cement Plc (N49.9 billion), Flour Mill of Nigeria (N7 billion), Mixta Real Estate Plc (N2 billion) among others.
Stanbic IBTC Capital Limited and Chapel Hill Denham have emerged the most active sponsors, contributing over N362.23bn or 80% in bond issuance and Commercial Papers on the FMDQ fixed income platform in the first quarter of 2020.Bellwether Stanbic IBTC remained at top spot contributing N233.78bn (N11.50bn in a bond issuance and N222.28bn worth of CPs), according to a quarterly report by FMDQ.
In the quarter, Stanbic IBTC maintained its top spot on the Fixed Income Primary Markets Sponsors' League Table for Commercial Papers and held on to its third place on bonds ranking.
On the other hand, Chapel Hill Denham Advisory Limited moved up to 2nd place on the table with N128.45bn (N112.24bn in bonds and N16.21bn worth of CPs). This was after the firm emerged number one on the bonds ranking although it slipped a notch lower to 6th place on the ranking for Commercial Papers.
FCMB Capital Markets Limited sponsored N86.29bn worth of Commercial Papers to emerge third overall biggest active sponsor. Other big active sponsors were FBNQuest Merchant Bank Limited, Union Capital Markets Limited, Renaissance Securities Nigeria Limited, Rand Merchant Bank Nigeria Limited, Coronation Merchant Bank Nigeria Limited, EAC Advisory Limited, United Capital PLC, CitiBank Nigeria Limited and Cordros Capital Limited.
Overall in the first three months of 2020, there were four issues of bonds and 25 CPs with the face value of N136.75bn and N296.41bn respectively.The FMDQ Fixed Income Primary Markets Solicitor's League Table which represents the top solicitors of debt securities (excluding FGN Bonds and T.bills) listed and/or quoted on FMDQ Exchange for Q1 2020 showed that six capital markets solicitors actively participated in the bond and CP markets for the period.
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